Limited Review

A limited review basically consists in asking questions to the entity’s management and the application of analytical procedures and other review procedures on the financial statements.
There are occasions where, for various reasons, it is not necessary to perform an audit of annual accounts, but the reviewed entity requires a certain degree of security, even moderate, on its annual or intermediate financial statements.

The following are some common cases in which a limited review is performed:

  • Semester reviews of intermediate financial statements of listed companies.
  • Review assignments in the field of group audits for non-significant components.
  • Any other circumstances that require a certain degree of security, albeit moderate, on the annual accounts or intermediate financial statements of an entity.

The purpose of the limited review is to allow the auditor to express a conclusion about whether a matter has come to his knowledge that leads him to conclude that the financial statements do not present a faithful image of the company. Since the scope of a limited review is less than that of an audit, the auditor does not state an opinion on the financial statements and, therefore, it is not considered as part of any of the methods of auditing accounts and is not subject to the Audit Law. At international level, limited reviews are regulated by ISRE (International Standard on Review Engagements) 2400 and 2410.



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